Singapore: For derivatives executed by counterparties with a reporting nexus across multiple jurisdictions, how should a reporting entity determine the UTI generator under the UTI waterfall?

For derivatives contracts executed by counterparties with a reporting nexus across multiple jurisdictions, how should a reporting entity determine the UTI generator under the UTI waterfall?

Where there are multiple parties with reporting obligations, specified persons should only  consider the two counterparties to the derivatives contract for the purposes of  determining the UTI generator under the MAS UTI waterfall. In the case of foreign  branches, specified persons should look at the home jurisdiction of the head office as the  counterparty to the derivatives contract.